The action at companies this year was particularly significant because investors were restricted by several Trump administration SEC rules, said Andrew Behar, CEO of As You Sow, which partners with investors who have shares in certain companies to represent them in proxy season. Shareholders could only file one resolution per company, limiting investors’ overall engagement.
“We were restricted to limit the number of resolutions we could file at all, and yet it seems like more proponents felt this is an important way to communicate to companies and they rose to the occasion,” Behar said in an interview.
Prior to filing any resolutions with the SEC for the 2022 proxy season, As You Sow engaged with more than 200 companies on ESG issues. Over 60 percent of those conversations ended with executives agreeing with the nonprofit to improve their record on emissions, diversity and similar issues.
“Shareholders continue to use this method of communicating with the companies they own effectively, and I think that's a good thing,” Behar said. “That shows that shareholder democracy is strong. Companies are also listening.”
Abortion engagement
The investment community expects those trends to continue. In the past month, several investment firms including Clean Yield Asset Management, Trillium Asset Management and Nia Impact Capital said they will hold companies accountable for ensuring their employees’ access to abortion and reproductive health services following the Supreme Court’s overturn of Roe v. Wade.
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July 21, 2022 at 06:04PM
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Investors rally behind climate, diversity proposals as proxy season ebbs - Roll Call
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